Stamp duty 'must be suspended'
Tuesday, 11th November 2008

A full revision of stamp duty is needed, according to the National Association of Estate Agents (NAEA).

President-elect of the NAEA Chris Wood said the housing market could not be used to boost the coffers of Chancellor Alistair Darling and stamp duty should be suspended completely.

He added that a full review into the market should be held in order to address the changing face of the housing sector in order to understand how the buyer can benefit the most.

Mr Wood continued: "We have made repeated calls for a full revision of stamp duty and the stakes have never been higher."

He added that as it stood, stamp duty is "a tax on aspiration - disappointing during an economic boom but unforgiveable in a faltering economy".

Last week, the NAEA pleaded with high street banks to send a positive message to people buying property in the UK by passing on interest rate cuts to their customers.